Análise da influência da responsabilidade social corporativa no pagamento de dividendos no contexto brasileiro
DOI:
https://doi.org/10.14392/asaa.2024170306Palavras-chave:
Responsabilidade Social Corporativa, Dividendos, StakeholdersResumo
Objetivo: Este estudo investigou a influência da Responsabilidade Social Corporativa (RSC) sobre o pagamento de dividendos no contexto brasileiro. A pesquisa buscou responder como as práticas de RSC, medidas pelo score Environmental, Social and Governance (ESG), impactam a distribuição de dividendos das empresas listadas na Bolsa, Brasil e Balcão - B3.
Método: Para analisar essa relação, foi conduzida uma análise quantitativa descritiva e documental com uma amostra de 136 empresas, no período de 2012 a 2022. Foram utilizadas regressões por Mínimos Quadrados Ordinários, tendo como variáveis independentes o payout, o dividendo total e o dividend Yield, e analisadas suas relações com oito variáveis dependentes.
Resultados: Os resultados indicam que empresas com maior engajamento em práticas de RSC, refletido em escores ESG mais elevados, apresentam uma política de dividendos mais robusta. Observou-se correlação positiva e significativa entre os scores ESG e os indicadores de Dividendo Total e dividend yield, embora a relação com o payout tenha sido positiva, mas sem significância estatística. Além disso, evidenciou-se que para cada aumento unitário no score ESG, há um crescimento estimado de 1,465 no dividendo total e de 0,4 no dividend yield.
Contribuições: Os achados contribuem para a literatura sobre governança corporativa e finanças, destacando a importância da RSC na estabilidade da distribuição de dividendos e no relacionamento com stakeholders, fornecendo insights para gestores e investidores sobre o impacto da sustentabilidade nas decisões financeiras corporativas.
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